Matt Kunkel saw a need in the market for “a platform that could act as a central nucleus and bring together and automate in a flexible, easy fashion, all of the different components that make up a traditional governance, risk and compliance regulatory program.” He, together with John Siegler and Dan Campbell, founded LogicGate to fulfill that need. Matt joins Tom Fox on this week’s show to talk about LogicGate’s GRC platform and how it helps businesses improve their bottom line.
Every Business Needs a GRC Champion
Matt wants to give business leaders the keys to the kingdom from a technology perspective. Leaders should be able to own and maintain Governance, Risk and Compliance (GRC) technology that grows and evolves alongside the company’s growth and evolution. A well run GRC program has multiple stakeholders throughout the organization, he points out, especially a champion who will advocate for a culture of risk and compliance. He shares six tips for choosing the best GRC solution.
Managing Third Party Risk
Tom asks about the key exposure points in third party risk and how LogicGate’s solution helps to manage those risks. Matt responds that the best GRC program is only as good as the third parties we use and the programs they have in place. He explains the role of their platform in managing third party risk as well as performing due diligence.
Risk is Good
Matt explains why all businesses should have a Business Continuity Playbook: it’s your Bible to tell you what to do when a disaster strikes, he says. He emphasizes that risk is good. “Risk is good. Companies are built and scaled and grow and achieve great things because they take on… additional strategic risk,” he remarks. It’s about evaluating where risk lies and taking the necessary mitigating steps that would enable you to take on more risk and drive better business outcomes. “I hope that we as an industry can elevate compliance professionals, risk professionals, security professionals to a spot where we can help the organization make strategic decisions based on risk to drive better top-line outcomes, more revenue for the business. It’s not just about asset protection, it’s about revenue generation,” he comments.
Resources
LogicGate.com
LogicGate on LinkedIn | Twitter
Matt Kunkel on LinkedIn
In today’s edition of Daily Compliance News:
Categories
Episode 024-Kevin Withane
On this episode of The Ethics Experts, Nick speaks with Kevin Withane about being a Chief Heart Officer, and why there is passion in ethics and compliance.
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Episode 023-Todd Cherches
On this episode of The Ethics Experts, Gio speaks with Todd Cherches about his book VisuaLeadership.
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Welcome to a special five-part podcast series, A Conversation with Skillsoft and StoneTurn: From the Code of Conduct to Risk Assessment to Continuous Improvement. This week’s podcast series is jointly sponsored by Skillsoft and StoneTurn Group, LLP. In this podcast series we will explore the recently released 2020 Update to the Department of Justice’s (DOJ) Evaluation of Corporate Compliance Programs (2020 Update). We focus on your Code of Conduct and how it is informed by your Risk Assessment, training on your Code of Conduct, performing a Risk Assessment and conclude with how all this ties to continuous monitoring and continuous improvement. Participants in this podcast series include: from Skillsoft, Charlie Voelker, Director, Compliance Products; John Arendes, Vice President and GM of Global Compliance Solutions; from StoneTurn, Toby Ralston, Managing Director, Jamen Tyler, Managing Director, and Stephen Martin, Partner. In this first episode, I visit with Toby Ralston on Code of Conduct.
Obviously, your Code of Conduct is viewed as a foundational document by the DOJ and Securities and Exchange Commission (SEC) as they laid out in the FCPA Resource Guide, 2nd edition. Yet many compliance practitioners struggle with how to benchmark a code of conduct. Ralston believes there are a number of ways that a compliance professional could potentially benchmark a Code of Conduct. He suggested “a matrix approach that uses a modified scorecard or a balanced scorecard where we measure objectives early and subjectively rank an individual Code. We then consider those components against the Codes of competitors and those recognized as best practice.” This can make such a benchmarking exercise a peer comparison, but that peer to peer comparison should not be limited to organizations in your industry. “We find that this approach helps us identify missing or underdeveloped topics as well as sections of a Code that likely need to be condensed or reorganized.”
Join us tomorrow where Charlie Voelker, Director, Compliance Products, Skillsoft, discusses how a Risk Assessment informs your Code of Conduct.
Webinar
If you enjoyed today’s podcast, I want to let you know about an upcoming webinar Skillsoft and StoneTurn are hosting. The webinar “Evolving Your Compliance Program” will be held on Wednesday Sept 23 and will explore how companies are leveraging data and information to improve and evolve their compliance programs. Information and Registration click here.
Resources
For more information on Skillsoft’s compliance offerings, click here.
For more information on the Skillsoft/StoneTurn partnership, click here.
For more information on StoneTurn, click here.
Ever wonder how the sausage is made around economic and trade sanctions? What is the process for persons and companies to be put on the sanctioned lists? Then this is the podcast for you as I am joined by Eric Lorber.
Eric is a vice president at K2 Intelligence Financial Integrity Network, where he advises global financial institutions on issues related to sanctions and anti-money laundering/combating the financing of terrorism compliance. Prior to re-joining FIN, Eric was a senior advisor to the Under Secretary for Terrorism and Financial Intelligence at the United States Department of the Treasury, where he provided strategic guidance on U.S. sanctions and AML/CFT policies. He is also the senior director of the Center of Economic and Financial Power at the Foundation for Defense of Democracies.
Some of the highlights include:
- What is the process for creation of economic sanctions?
- How does an individual or corporation go on the economic sanctions list?
- What is the role of the DOJ?
- Who at Treasury leads the effort?
- What is the process for enforcement?
- Why does Treasury have such an ongoing educational effort around sanctions?
In today’s edition of Sunday Book Review:
- Day of the Owl by Loenardo Sciascia
- Black Wings Has My Angel by Elliott Chase
- Fatale by Jean–by Patrick Manchette
- Sand by Wolfgang Hernndorf
**Update** In a last minute change, Cailyn and Michelle were unable to join us, so we welcome ComplianceLine’s new Digital Marketing Manager Kate Smith! **************************************************************************** Michelle, Jenni, Cailyn, and Amanda drink a (non-sponsored) WhiteClaw and play a game of compliance Real or Reel? in this recording of their live show. Did you miss them live?
Subscribe to our YouTube channel and don’t miss another live show! YouTube ▶ https://bit.ly/39EC9zy
For more information on ComplianceLine, click here.